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IT services and BPO company delivering digital transformation, cloud and AI-led services to global enterprises.
IT services and BPO company delivering digital transformation, cloud and AI-led services to global enterprises.
Bills clients for project work and managed services, partly by time and materials and partly on fixed-price or multi-year managed-service contracts, with banking, healthcare and travel clients prominent. Carlyle, the private-equity firm, is the controlling shareholder, and the company came back to the Indian stock market in 2025.
In one line: A mid-sized Indian IT services firm.
Moat: narrow (switching costs, process know-how). Embedded, long-term client engagements create switching costs typical of IT outsourcing.
Headquarters: Navi Mumbai, India · Founded: 1990 · Employees: 33,844
Size Hexaware Technologies (HEXT.NS) is an India Information Technology company (Packaged Software) with a market value of $3.26B, the 273rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹503.50 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against -1.0% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 13.4% over the last twelve months (peer median +14.3%); the operating margin is 12.1% (peer median 7.8%).
Valuation It trades at 21.7× forward earnings against a peer median of 25.7× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.4 points above its cost of capital (13.2% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹149B | ₹134B | ₹120B | ₹104B | ₹92.0B |
| Revenue growth | — | +12% | +15% | +13% | — |
| Gross profit | ₹18.0B | ₹27.3B | ₹24.4B | ₹23.9B | ₹19.0B |
| EBITDA | ₹21.8B | ₹21.0B | ₹18.9B | ₹15.9B | ₹12.3B |
| Net income | ₹14.0B | ₹13.7B | ₹11.8B | ₹9.98B | ₹8.84B |
| Free cash flow | n/a | ₹15.9B | ₹14.3B | ₹14.4B | ₹6.97B |
| Capital expenditure | n/a | ₹1.68B | ₹1.33B | ₹643M | ₹1.19B |
| Total debt | ₹6.52B | ₹6.81B | ₹5.74B | ₹3.94B | ₹4.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hexaware Technologies HEXT.NS | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% |
| Infosys Limited Sponsored ADR INFY | $48.5B | -3% | -1% | 21% | 15.4× | -2.0% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| Mphasis MPHASIS.NS | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% |
| Coforge COFORGE.NS | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HEXT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | +4.2% | 7th lowest of 21 |
| 6-month return | +9.3% | -1.0% | 9th highest of 20 |
| Distance from 52-week high | -37.7% | -38.4% | 10th highest of 21 |
| Revenue growth (TTM) | +13.4% | +14.3% | 10th lowest of 21 |
| Operating margin | 12.1% | 7.8% | 7th highest of 21 |
| Forward P/E | 21.7× | 25.7× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 13.9% | 8th most demanding of 17 |
| Growth delivered (Del g) | +16.5% | +18.8% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -1.1 pp | -1.5 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | +9.4 pp | -1.4 pp | 6th highest of 19 |
| EV / EBITDA | 13.5× | 18.6× | 4th cheapest of 11 |
| Net debt / EBITDA | -0.6× | -1.4× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hexaware Technologies HEXT.NS | India | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% | +16.5% |
| Perfect World 002624.SZ | China | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% | -8.2% |
| Bullish BLSH | United States | $3.20B | -51% | +34% | 18% | 33.6× | 32.3% | +14.4% |
| Alarm.com ALRM | United States | $3.19B | +37% | +9% | 13% | 22.4× | 10.9% | +10.3% |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| Intapp INTA | United States | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% | +21.9% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Agilysys AGYS | United States | $3.42B | +69% | +15% | 13% | 41.6× | 22.9% | +18.4% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| AvePoint AVPT | United States | $3.50B | +45% | +25% | 10% | 37.6× | 31.6% | +22.6% |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |